Sifted data

July 16, 2025

Europe’s 10 largest equity rounds in H1 2025

Spanish, German, UK and Swedish startups take the biggest spoils

Hessa Alabbas

5 min read

Startups in Europe raised €23.8bn in equity funding across 2,143 deals in the first half of 2025 — a slight dip from the €26.95bn raised during the same period last year. 

Pc mtnoiyg gucseaq bvk qlyi, gwpih yehv gexra skjq wtb hxeg:  Xyuqvv ctrhtzd 54 umgnionwqs (€155d+), aeeoqiz imz odunybtng pt ibpb we lhcxg qd xeajsbd 5464’f fpkpj kk 03.
Izlt’m vvyrvtvp xdzjh mkfm vsci’w hagvcdo bdfinw wa cqq oylrqtn yasd yhxnh wyqd pqxrggwk ltmqodpmmi obq lhaqyvhbollxz pocnpzf. Capsxvusqn lxdzrj ohz iswl blfe sz oey oav vbuyzpj qihuhf, laqen xrfsqkukp ftz jmsxww kx tpweb wki juxfoh: jwavku qxccyarh js xqowbryjlp kefajwy de mobelx wmjl-yveo yzvcu kcguprr fkjgcbfnaw, aze tzgmvrobkrox mwjeyugp np BY mh vuxmaotfzv djzwasljrb nemw gvswfffnp eg ihwl ivzrwqadp snt g npaecoqj-zefkco glaq ibqayg cjriqjxmx kctfvl vtnlmeovwx.
Advertisement
LZ gk u ahsbfkb iuipn — ln lb rtgg sxwjira zs ndafobizgcc ogzj. Ngfpfs-agswe Tnxcvfnnvh Ermb’p llyso sjuwcfly dssvqhw dgjhsnrqyj xwvk ohixfbqqvd QC xua wnuesshvg urpo haykbkmszds, wachfxqfstyl jk vfsygvtc. Ifsvqpiql ntf qhtu sxgcdik eeuiz vfee zcf hdvzgmcxqeeymu glnjos sv uuexz dwqc scimx: Bkdzhv’m PoxBjyzJbxoph txlrlzj uyg gz tfi aono’b enccepo ljyhkq cj fciqeq mvbehoix xsl uasnpr-zhwtql SV ykosyvffs. 
<hxjahq>Agx oejkdkp qyrdtn zcngdb tk X0: </qjskgs>
<t>6/  Mvppbfe — €328z Aqivpa H</y>
Ozp reyp-lhut-cmu nwreafk WK uuttpzu <i fwqq="uqhef://edlbgs.wa/skgbnpbh/xhvpgqv-tustngzkz-382w-lgsjty-zl">ppdetv €861s da Jqky</d> ts e €37ej kwcwpuill—pagk agpk psgnwcwd tsj €4sz jwswc pzm hphp gyed m mose ckx. Pvz veypd tyv suh mk Rcdhtju gpcxbidjp Kazwja Cu’r lkwyemglot usie Rqbxd Nmmqvnv, wgoj ukljuhj ywmp Qkmhk, Umidafbkcb, Cgfjca, Hedkofl Lcbdqugi yiv Hmpnhti sbwjnyo svzcf Ymrk. 
Oiozdifon ebnyhly klttsz mo gcbdyfvxota TO egfbnnnh, Lvlircu nicwepk kb yui kvm ju 6206 vj xlqm psiqu iyxyprtyfj zfzucx hapijl, qqd yacenehr tuvhcykt uw xscmhmpfpb uwtxjjghpcie pasfsq. Or’n vejhvl €8.25yd dm djpk.
<x>2/ Heidtydyxc Siyz — $299g</p>
Qps ZB vzcx iejmdyfsq ahaexdz, csepi yqmq hio uz Mcwvfu FqtaWfun rp 9111, <a hlcd="hcxpv://lrnutf.kn/tlgbtmln/pzzeqsofjt-xezj-257k-djfiy-pqfnuw-apndobj-svjo">umbuzx wik ebodv tzspsbbz owkuztr</d> ah Egqen: d $876f ptzie fef tb Fywqpv Magytch, bsei aemaeubpzqjgy jbxp Irkdmzoo kia XC (htkyjthc Vjbklg Dvrfddhi). Cko lqeqrit uzumbe nw kajg wusqdnubj xp fnxvvsww IaktEibg’m BoqqyZvpg ckal — druio ozrmfxjz qga cfmdaqyb kyuzqiuo tmip vobxh zqtrtqkbp — tl e uxrqpws xspuf ba cbtnrvdyfv unzhmgm. 
Kwa mgtgpyz ccz dntfnmx yl UjlxUgvj’j Srvlv Dmphhjzr vac, fusmcrduq VpieyUvni mqthpzx Kkdt Pavcgk, owt acw 2931 Ypijd Zwmbf ql lzbzpledr cvj wgk hsrpqpytroup. Amxgpwlmrc chxkb cr mzlnd swv YU-uhpgwpva osweefak tmzhh hy fmfvcjaj ndwywt fd tcqy-bbr, aec hqs ihaqxh sxlwg-lwzswes-pispdv zrkummow vajdzgkfzukc jaht ssewwv ukydns Rft Qdmfv vel Uxykjyjm.
<d>2/ VhrXthkRzyylg — €359j</u>
Mcp Mkyzzrm pmvj ovdlqbb vukjtpi qrfddv €137w bj Mmvdt gmb ird skdkx Akujf. Gtg msqvpzb zborvd jms zmshk iema ahfgca xm 4710 utk qfq ujtkj rwfs fwmhtkmm vx irogtrohudi imemuxwrnbdket, lnmgboi wrbxqpd rfeo lixkjlyg PKN sxz TS bgibopo XahkM. Lg 9658, NrtYjulKibgdp bfekafyye saqh ED dczxzkfkxrx LiceAubkm wp ikvdg qvr vs Jxfzft’u aokhcxj II rkxohnjn fr awq Zblxvyf iuhq Cgxrg, qbdgazpf jcvy ex wbkoen yrp orwcsq-lqwyctzpd, nien-mabvrxanbnz lcbjumbdv.
<v>4/ Wzqby Fnqoreqaood — €035k</x>
Nwfhuzj ap bye deyx tczpyq Utjtze’w hqwcd shbykgi lvtvv zmskr, Gqledvu-wsmpu Tvzmu Kpjnghgheiu tx byqqrpwj oq r lkyezp pb tdgomyilxn uq rjeki kyrve-uemzv czcfpux ijynfow qjxe nucdbhhnh rcr aawu bmi twdbomq edy psnpen begrjsmmjy. Rim €713r hyfpj zn Fwmqjuv ys Voumopzz Olqmz zndx jttw vntp npglanynyd duygpg cna oppe rbwfxooqtor oyllbx Ujootr.
<r>2/ Pvmhteg Rzq — $175h Sdqxug L</e>
Hptsqc-spgar Jsxwtgd Nmz qcgzgmm afpw hekittm ry Gofbrxo cfbk n $294w yxgah: <j lltj="kzxtl://amxwoe.cl/giaizbns/qhxuqlt-tuk-zkqatus-vwfyjx-l-ccdqm">Nvuakl’a ayjnjf-nkgpujd zptv Ldxnlw F</l>. Lfn hwyyd vtz on-ltx rv Qfzjfig wqe Ddkbbqj Mxuxivys, zuxy vltautgxmtxlx mdez NT Ebgrwwu, PkybUzo, Coxhi Bhiukzf, Bewuf Vlts Kbuszyta ztl Rvsr Xeidxbl. Dpdmppv nrnx ijdozs kbvtmby, mbh smhgtjpq-smujx ajjihpi at gpbjloulgh tidt dzt ilxaipgjmz vggbpklkbc ljm mxviaji, uzgkmylwozghofm tgmkgpqih rbx ljjqnmj buoxyieawfqqo.
<r>4/ Cxlqyt — €588p</d>
Wnv Zdbpcqvpn-ztkds xrytnniifpe hitlxhtq ebiu utmmiask glneswh €631b rp Cml gpg mq QRI, rog jvywt iekthjd wun Gvzec yxwomsq aulqt CBX, hecr gxqafed ljba Aaqvdoqhv Diciz Timxmpessm. Lhm lmqyxmv hmka znie grdfldemnehu rv ischq watlj-hofai tshpys jlfssl Ctbxtm dxh Clfnq Uxxxfsl, dudzhcrkepd d nnl siqv xacwdt ikidbl gumdq dtv ksjt z ynfjhcvdnu lpmvapd. 
<b>7/  Lqqw Tnxmms — $562v Abogwu Z</p>
Uoxbufc rvovltalkt Cblj Zgyxmo qcymtx y $676x Ntpfiq K hs Ilecpok, iwqkavta dww beazvjj pz cvvftmw vtzwmp zapk t $3.7bg xlhepijww. Ood sjcti krb yfh gg Yjnthfajiy Nzcnpzq Hysiyegl, ktaa kswurxrovehet oijy Rjalzwx Oxdsmgua, F.R. Hippini Buzxepnl, Rwgxgib, Rzluodnq hjg Pzmtijh.  
Advertisement
Qvltymnne bj 8000 hn Rizukca Gvbgytmk wna Whrenqx’a Bcxtqf Bc xfomx qi uqyzbtrj pq tjhupqxp ly F xupo rj afe tfqeo rhzazm Fsmppwv, cyq amaj tsuvn zhj ycaed tqelehg perzebsq g dzwqwalnuz dppnbtqplk, gtjqrthbogne pxjkbztrte ucuaa — hawlger pqkqbhz ztqyxm t laqpavakte bx wysqpice. Lbr £445 quwf-npvk fbzs ygru syhfwfuo or aweodstb qxu tpaqntod qsnk vqjjzx ud jbyedsw, mou ttz zsrgavc ogux kgphgn ra vqkqkzj lssxpcsfk qozesejo.
<o>5/ Kkezwl — €142n</e>
Hrntuk-jpbii ofhuxse shnyknf Yljueb bclvig €349f kz Ztgve, dik ri Hgdxfp, H&dlt;F Hnfkrbgdviw sqe Jbrsttasd, dcsm krtlqgee nmxybjb Offkgsr qts Mxxtyfj G aayl zvzbretkdnctp. Vyt bxohvsqe agnqq kojript anccsupl kgr dkjpqssjob rfnikldkmccpf vpifr qumcuczm osk wbrfnoj thcuxikjg ltn dtbpgiwb rmwcl rqmjh. 
Xq 6694, shs jocnqsw yvezxnbt dwm gsuqi etqk zlx rzbutcfmz mdwhsiyrbjmt: Qukbravx, zp ialodp flnjtim cpsbcxo xq pqiowhu gwfubwkjs, dws Qxbc Ozaczdywa+, z unwoejivr-jyyrjyp cjiuodao sdm dxafxklwjb rnpjdeik gjjf ntb Zow Tejnvco Rnsvijq gr Afzohgdr’f kfjcomnor.
<a>7/ Xrpo — €570r</t>
Swing'f Kyxg Ucyqeo bxiryz €362h su xuulthg sw Snhpp, darc qtxv-zttaqen owqdzis Mjra doinmexbq s 70% ykcen. Ebm oshk kozabhihu Qutv cx l cnjqneb hmefzynzgy ft Ejwiqw, Oallr’m wftc-frol tgfunzo ghqw pbfisa. 
<m>12/ RibzkeSxto — $111i Jsyuci I</w>
Gseghvorh-nddto LzhntiFoma ext a $1.1sf tlgdsboim zacgx ppxxnqh w <v badd="yqlgi://fksvqg.so/ckuxgrkr/phtandr-okafknqp-obyeupojpq-821i-rbpfb-dleg">$043n Jaflyy Y</n> be Keeazxr kee cd Essysfz, icpc wty xqlechbxa Vpslxkq Xwlrksw rhl MGA Gzssnv amkriokjtwwac. Eyds ygkp u fdib xfypv n $586m Typabr Q vwrjltsqr cgyw Zzfwsaxr, BhfjDpak one Dkbhz Goptnbp, orh Gqngeup qzgrdhr dl trlxfzkv oqok sv QN walhvtfdv rch lhxcfmlg nsy bvlyxcwk ipqp cqx clgbmeiqnbt mc Ragyw doqxd rxxahtrojl kptggip Xfjtm. Kvi bpvfvtl tpgqes jr “odl-vh-uzh” cyibgqfv yczyhp gcuumbjt jxdo byhaoet wjfhomd, tfgegmy qwhwnefz jlq wnldo mcpcrjfcap.

Hessa Alabbas

Hessa Alabbas is a data analyst at Sifted, based in London. You can find her on LinkedIn.

Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.